Amajor benefit of Monte-Carlo schedule analysis is to

Size: px
Start display at page:

Download "Amajor benefit of Monte-Carlo schedule analysis is to"

Transcription

1 2005 AACE International Transactions RISK.10 The Benefits of Monte- Carlo Schedule Analysis Mr. Jason Verschoor, P.Eng. Amajor benefit of Monte-Carlo schedule analysis is to expose underlying risks to a specific project execution plan that may not be obvious. There are additional benefits that can be realized through applying Monte- Carlo schedule analysis that can be a great value to owners, engineers and construction contractors. This paper outlines the additional rewards of using Monte- Carlo schedule analysis on Engineering, Procurement and Construction (EPC) projects and is based on practical experience gathered in the field using Primavera and risk analysis software. It explains the general principles of Monte-Carlo schedule analysis and the various advantages of using it. A major benefit of Monte-Carlo schedule analysis is to determine the level of risk in a project schedule. By using Monte- Carlo analysis to quantify the probability of achieving an end date, it can identify the risk associated with achieving the schedule based on the schedule logic. An end date with a 5% probability of being achieved is more risky than the 95% probability end date. The benefit of identifying the risk on the schedule is through risk identification and quantification, one has the ability to influence factors to reduce risk to improve the likelihood of succeeding. Monte-Carlo analysis is a powerful tool that can give project controls professionals and project managers additional benefits to project execution by: Changing the expectations of a single project end date with an unknown probability to a range of end dates with quantified probability Identifying the most important activities within a schedule that may not be on the critical path Developing a realistic execution plan Aligning the stakeholders involved in a project Avoiding claims and potential liquidated damages. MONTE-CARLO ANALYSIS - WHAT IS IT? Monte-Carlo analysis utilizes random sampling that selects numbers within a range for variables to a problem. The analysis then uses the variations of random numbers to generate simulations. The results of the simulations are summarized, which yields statistics on achieving the end result to the problem. Table 1 illustrates how to apply Monte-Carlo analysis to a simple schedule of commuting to work. What this simple example indicates is even though the most time it could take to commute to work could be 50 minutes and the best could be 24 minutes, you stand a good chance of being at work on time if you count on it taking between 32 and 40 minutes. This example only looks at three simulations, but with the aid of computers and software, more complex models and problems can be quickly analyzed through hundreds of iterations giving a range of results with more accuracy. This can be a very powerful tool, allowing an analysis of data throughout a range rather than just a single result. MONTE-CARLO SCHEDULE ANALYSIS M onte-carlo analysis has been used for some time for cost engineering and estimating. It has been used less often with scheduling, but that is changing with the advancement of software. User friendly software interfaces seamlessly to both Primavera and Microsoft Project, making Monte-Carlo schedule analysis easy to apply. The application of Monte-Carlo analysis to scheduling changes the traditional approach of having one end date and one critical path in a schedule (deterministic approach) to a range of end dates and potential critical paths with associated probabilities (probabilistic approach). The project schedule will still be driven by a single critical path (the longest uninterrupted path through the network) but the Monte-Carlo approach analyzes more than just a single critical path. Refer to Figure 1 to see the differences between the 2 approaches. Through Monte-Carlo schedule analysis, dynamic date ranges can be introduced modeling potential changes in task durations and simulating multiple variations of a schedule in a probabilistic way versus a deterministic single duration schedule. Hundreds of variations of the schedule and critical paths can be simulated quickly. Through the results of all these simulations, data can be analyzed to understand what activities have the most likelihood of impacting the end date versus just the activities on the current critical path. It can also give the ability to identify a realistic end date that can be agreed upon by owners and contractors. RISK.10.1

2 2005 AACE International Transactions Table 1 COmmuting Schedule Figure 1 Deterministic vs. Probalistic How to Apply It The starting point of a Monte-Carlo schedule analysis is taking a schedule that has the appropriate level of detail activities and correct logic [1]. How many activities to use in a schedule is a question that does not have an exact answer, but if a 10,000 or 1,000 activity schedule network is used, it will be difficult to get much value out of the analysis. Based on practical experience using Monte-Carlo schedule analysis, somewhere in the range of 50 to 200 activities is a reasonable number of activities to analyze. For example, if a complicated year long project was broken down into thousands of activities down to the hour, the ranges would be in minutes. The significance of each activity is lost within the amount of detail in the schedule. Once an adequate schedule is developed, a duration range is applied to each of the schedule's activities. The duration range involves three data points comprised of the pessimistic (longest), most likely and optimistic (shortest). To assess the range of durations for each activity, experience is required and it often helps to have more than one opinion on durations of activities to make an accurate assessment. Usually a RISK.10.2 scheduler/planner can make an initial assessment, but the best results occur when a small team of people involved in the project collaboratively assess the duration ranges. By involving multiple people, it adds validity to the date range and the team approach can also help to align team members on realistic durations, logic and an execution plan for the schedule. To further improve the accuracy of date ranges, the ranges should be compared against historical benchmark data to take some of the subjectivity out of the assessment process. Most software can automatically assess ranges for the durations based on default percentages, but the validity of using these defaults other than a starting point is questionable. When using default ranges, any in-depth knowledge of the project and any benchmark information for specific activities are lost. In most projects, all activities do not have the same pessimism or optimism that is applied as a default. Also if you apply the same defaults to different projects, you will end up with similar results if you use the same defaults and this would rarely be the case because each project is unique.

3 PROBABILISTIC & CONDITIONAL BRANCHING It is important to understand that in reality, schedules are only dynamic project models and the logic necessary to achieve a schedule can change significantly. It is difficult to model this real life variable mathematically. Probabilistic branching and conditional branching are two additional methods that can be added to simple Monte-Carlo analysis to try and simulate the potential quantum changes to the schedule when uncertain events occur. Probabilistic branching is used to model the probability of additional activities being added to the schedule. An example of probabilistic branching can be used in turnaround planning for an activity of taking catalyst out of a vessel. Normally, the duration could take between 15 and 20 days, with a most likely of 17. There is a 10% chance, that upon inspection of the vessel, the internals may need to be reworked which could add two weeks to the duration. This event can be modeled quite easily in most Monte-Carlo schedule software. If it is found that this is the driving factor in an overall turnaround duration a mitigation plan can be developed. Conditional branching is used to model "If then Else" type of real life conditions. For example it could be used to model the Canadian winter freeze up of the St. Lawrence River. After freeze up of the major shipping way, materials cannot be shipped. This can be modeled by using conditional branching which essentially says if key equipment has not arrived before December freeze up, then it must arrive in the spring time, and a backup plan must be used. While probabilistic and conditional branching can model some of the variations to schedule logic, it is impossible to simulate all of the combinations of different execution plans that can be used such as the ability to alter the work shift, work on parallel fronts, or change the entire execution. SCHEDULE ANALYSIS - PRACTICAL ADVICE & CAUTIONS While Monte-Carlo schedule analysis can be a very valuable tool, it is important to realize what shortcomings it has. Awareness of the potential difficulties makes it easier to achieve an objective analysis of all of the information given by both the traditional means of scheduling analysis and Monte-Carlo analysis. Some pitfalls exist when applying Monte-Carlo analysis to certain types of schedule logic that could generate results that may not make sense. A schedule with Finish to Start relationships provides results that are easy to analyze and understand. Finish to Finish and Start to Start logic within a schedule network can skew results and give answers that may not seem valid. [1] Take for example pipe spool fabrication from engineering drawings which is illustrated graphically using a Gantt chart in Figure 2. Typical logic for this task is finish to finish with a lag. For this example, eight weeks after finish of all the drawings, the last spool is completed. Spool fabrication can start before the last drawing is issued. This works well when scheduling in the deterministic way as the start of spool fabrication can be controlled through the relationship between the lag and the fabrication duration AACE International Transactions RISK.10.3 During random simulation in Monte-Carlo analysis, the drawing activity may be simulated at the shorter (optimistic) end of the range, and the fabrication activity is simulated taking longer (pessimistic), this can cause the fabrication to start before the 1st Drawing has been issued. Normally, the problems with finish to finish and start to start logic are camouflaged by only looking at the results of the project end date. If a schedule network has a lot of start to start and finish to finish logic, the overall simulation result may not make sense. Often, a schedule network may need to be summarized, logic simplified, and constraints removed to yield valid results. Unlike cost analysis, a complexity is added when applying Monte-Carlo analysis to schedules as logic is added to the equation. In cost analysis, the results are additive for each component as the sum of all the cost components is linear. In schedules, the logic for most projects involves multiple branches and parallel paths. Logic paths that may not be on the original critical path may drive the project completion during the simulation, and they may drive it more often. The addition of logic is also why Monte- Carlo schedule analysis can be so valuable. In real life there is variation between the logic paths which drive the end date. A basic understanding of the schedule logic is required to validate, analyze and comprehend the results of Monte-Carlo schedule analysis Even though Monte-Carlo analysis yields probabilities that seem very accurate, it is important to analyze what the numbers are really indicating. When comparing the percentages, look qualitatively at what the numbers are indicating versus quantitatively. There is not a major difference between a 10% probability and a 25% probability; they are both less likely to achieve than a 50% or 75%, the hard percentages are not as important as generally what the data is demonstrating. Monte-Carlo analysis will never replace good judgment and the human ability to make decisions based on experience. Never take the results of Monte-Carlo schedule analysis and use them without first taking a critical look and ensuring that the results are understood. MONTE-CARLO ANALYSIS - BENEFITS TO PROJECT EXECUTION Sensitivity Analysis Not only can probabilities of achieving an end date be generated, the sensitivity of the activities involved can be analyzed through Monte-Carlo analysis. By understanding what a schedule is sensitive to, it can allow changes to execution to improve the end date. Most Monte-Carlo analysis software can provide a sensitivity analysis in the form of a "tornado graph" which focuses on the top activities that are closely correlated to the statistics of the end date. A typical tornado graph is shown in Figure 3 What the tornado graph shows is the relative sensitivity of the end date to each activity in the schedule. The exact numbers shown on the tornado graph are not as important as the relative ranking of the activities. From Figure 3, the top three activities have significantly higher correlation (at least three times higher) than the other activities. There is a much higher degree of correlation with the length of these activities to the end date and by focusing on these activities, there is a higher chance of impacting

4 2005 AACE International Transactions Figure 2 Problems with Finish to Logic Figure 3 Sensitivity Tonado Graph the end date. This allows the project to focus limited resources where it makes the most impact. For simple schedules with single path logic in series, it is very easy to understand what activities drive the end date and what the most important activities are. However, for most projects the logic involves multiple parallel paths of activities and one dominant critical path. By applying ranges to all the activity durations through Monte-Carlo analysis, hundreds of variations of a schedule through multiple alternative critical paths are generated, making it difficult to understand what drives the overall schedule duration. Although there is still one critical path in any give iteration of the analysis, Monte-Carlo analysis helps to identify other paths that may have a higher probability of impacting the end RISK.10.4 date. Getting the most of this information requires understanding the sensitivity analysis and the tornado graph, which identifies the most important activities in all the various combinations. The results of this analysis can be surprising and are not always evident. A recent example of an offshore project schedule illustrates the importance of the sensitivity analysis. A schedule was developed showing the critical path flowing through the structural steel to build the offshore structure. The project focused on speeding up the structural steel component of the project. After a Monte- Carlo analysis was performed and the sensitivity analysis was completed, it was clear that even though the critical path was driven by the structural steel, there was not a lot of variation within the

5 structural steel itself. More impact could be made to the end date, by changing the execution once the structure was built. There was far more variability in the end activities and by optimizing that portion of the schedule, the end date could be improved significantly. This was not evident to the project until identified through Monte-Carlo analysis. DEVELOPING A SCHEDULE WITH A REALISTIC EXECUTION PLAN Developing a schedule with a realistic execution plan is sometimes difficult to accomplish. Projects often have end dates that are imposed due to commercial or other requirements. Factors such as delays to contract awards or scope change decisions may delay project start dates while end dates typically do not move. The execution plan envisioned at the beginning of the project may become unrealistic due to delay factors, and Monte- Carlo analysis can identify if a schedule execution plan is becoming unrealistic. When a schedule is becoming unrealistic, it is often described as "very aggressive" or "fast-track". Terms such as these are qualitative ways of describing unrealistic schedules. By quantifying the probability of achieving an end date, it gives evidence to how aggressive or difficult it will be to achieve. Monte-Carlo Analysis provides a means to quantify what is meant by aggressive and what can be agreed to be realistic. A less than 5% chance can be agreed to be aggressive or even not likely, a 50% or 70% chance of meeting an end date can also be agreed to be achievable or realistic. By identifying if a schedule is becoming unrealistic, it provides the opportunity to change the execution plan or schedule logic to make the execution plan more realistic and to increase the chance of project success. The cost implications of attempting to accomplish an unrealistic schedule can be significant. If a schedule has a low probability of being met, it should be a trigger to add additional costs in the estimate for costs of attempting a low probability schedule. These extra costs do not necessarily guarantee that the end date will be met. By quantifying the likelihood of meeting the schedule, it can highlight the risk that costs spent on the schedule may not ensure the end date. Also, a Monte-Carlo generated sensitivity analysis can identify the activities that are the best activities to spend additional cost on. Monte-Carlo schedule analysis can also be used to develop realistic or achievable payment milestones within a schedule. A recent example of this occurred on a major petrochemical project. Due to certain factors in the project, the incentive milestones envisioned at the beginning of the project were perceived to be not achievable, but this was just a perception. A Monte-Carlo analysis was performed and it was identified that indeed the milestones stood a low chance of being met. From the analysis, aggressive yet achievable incentive targets were agreed upon by both the owner and contractor. The identification of realistic schedule milestones could have a direct benefit to both the owner in credibility to shareholders and the contractor in profit incentives AACE International Transactions ALIGNMENT BETWEEN PARTIES Monte-Carlo schedule analysis can also help align two parties such as the owner and the EPC contractor to agree on what is a realistic target by presenting a scientific and statistical approach versus picking an arbitrary end date. Often an owner's desire to meet a given end date may not be possible without significant costs or changes to the execution plan. An owner is pressured not to change the end date usually related to commercial or business case reasons. A contractor is pressured to agree to an end date due to competitive market pressures. These pressures lead to misalignment between the owner's business objectives and the contractor's ability to meet the end date. The end result of the misalignment is potential cost overruns passed on through claims or change orders. In addition to cost overruns, misalignment on schedule objectives can lead to missing the schedule, which may have other implications such as the validity of the business case or other commercial implications. Monte-Carlo analysis can identify a schedule that both parties can either agree or disagree upon, based on how much risk there is involved in meeting the end date. Once the degree of risk is identified for a project schedule, there is an opportunity to include the costs associated with attempting the schedule either in owner risk contingency or contractor project contingency. The process of collaboratively assessing the durations with clients and contractors can be used as an alignment process. Through the application of Monte-Carlo analysis, it can help align the two parties or at least identify the risks associated to the given schedule so that both parties can go forward, knowing the risks of proceeding. CLAIMS AND LIQUIDATED DAMAGES AVOIDANCE Identifying risks to a schedule through the early application of Monte-Carlo analysis can help avoid claims and potential liquidated damages. The identification of potential problems to a schedule, gives all parties options on how to proceed. All the options may not be benefits to both parties, but at a minimum, Monte-Carlo analysis can provide information to make informed decisions on both sides to avoid potential claims or liquidated damages. The following table illustrates an example where a Monte- Carlo analysis showed there was less than 5% chance of meeting a project end date, potential actions and the benefits of knowing this information Monte-Carlo analysis is an extremely valuable tool for improving project execution and managing risks associated with the schedule. With the software available today, it has become easier to apply this tool to scheduling, and the benefits of Monte-Carlo schedule analysis can be gained with relative ease. Monte-Carlo analysis is a powerful tool that can give project controls professionals and project managers valuable information RISK.10.5

6 that can be used to improve project execution by identifying risks and the most important activities within a schedule that may not be on the critical path, ensuring a realistic execution plan, aligning the stakeholders involved in a project, and avoiding claims and potential liquidated damages AACE International Transactions REFERENCES 1. Hulett, David T., "Advanced Quantitative Schedule Risk Analysis" Mr. Jason Verschoor, P.Eng Fluor Canada, Ltd. 55 Sunpark Plaza, SE Calgary, AB T2X 3R4 Canada Table 2 Potential Benefits and actions from Knowing a schedule is not likely to be achieved (Less than 5% likelihood) RISK.10.6

The Risk Driver Approach to Project Schedule Risk Analysis

The Risk Driver Approach to Project Schedule Risk Analysis The Risk Driver Approach to Project Schedule Risk Analysis A Webinar presented by David T. Hulett, Ph.D. Hulett & Associates, LLC To the College of Performance Management April 18, 2013 2013 Hulett & Associates,

More information

INT 3 Schedule Risk Analysis

INT 3 Schedule Risk Analysis INT 3 Schedule Risk Analysis David T. Hulett, Ph.D. Hulett & Associates, LLC ICEAA Professional Development and Training Workshop San Diego, CA June 9-12, 2015 1 Agenda Add uncertainty to the schedule,

More information

Schedule Risk Analysis Simplified 1 by David T. Hulett, Ph.D.

Schedule Risk Analysis Simplified 1 by David T. Hulett, Ph.D. Schedule Risk Analysis Simplified 1 by David T. Hulett, Ph.D. Critical Path Method Scheduling - Some Important Reservations The critical path method (CPM) of scheduling a project is a key tool for project

More information

Quantitative Risk Analysis with Microsoft Project

Quantitative Risk Analysis with Microsoft Project Copyright Notice: Materials published by Intaver Institute Inc. may not be published elsewhere without prior written consent of Intaver Institute Inc. Requests for permission to reproduce published materials

More information

EST.491. Cost Estimation Challenges and Uncertainties Confronting Oil and Gas Companies

EST.491. Cost Estimation Challenges and Uncertainties Confronting Oil and Gas Companies EST.491 Cost Estimation Challenges and Uncertainties Confronting Oil and Gas Companies Nicolas Alexander Hall and Sarah Delille, PE ABSTRACT Usually, when a company has a history of successfully planning

More information

PROJECT RISK MANAGEMENT

PROJECT RISK MANAGEMENT 11 PROJECT RISK MANAGEMENT Project Risk Management includes the processes concerned with identifying, analyzing, and responding to project risk. It includes maximizing the results of positive events and

More information

// Faster, Yet Less Risky Projects through Goal-Based Schedule Acceleration

// Faster, Yet Less Risky Projects through Goal-Based Schedule Acceleration // Faster, Yet Less Risky Projects through Goal-Based Schedule Acceleration Dr. Dan Patterson, PMP CEO & President, Acumen November 2011 www.projectacumen.com Table of Contents Introduction... 3 What is

More information

Risk Workshop Overview. MOX Safety Fuels the Future

Risk Workshop Overview. MOX Safety Fuels the Future Risk Workshop Overview RISK MANAGEMENT PROGRAM SUMMARY CONTENTS: Control Account Element Definition ESUA Form Basis of Estimate Uncertainty Calculation Management Reserve 1. Overview 2. ESUA Qualification

More information

Integrated Cost and Schedule using Monte Carlo Simulation of a CPM Model - 12419

Integrated Cost and Schedule using Monte Carlo Simulation of a CPM Model - 12419 Integrated Cost and Schedule using Monte Carlo Simulation of a CPM Model - 12419 ABSTRACT David T. Hulett, Ph.D., Hulett & Associates, LLC Michael R. Nosbisch, CCC PSP, Project Time and Cost, Inc. This

More information

Project Scheduling Techniques: Probabilistic and Deterministic

Project Scheduling Techniques: Probabilistic and Deterministic Project Scheduling Techniques: Probabilistic and Deterministic Contents Project scheduling and types of project schedule... 2 Overview... 2 Project scheduling techniques... 2 Deterministic Scheduling...

More information

(Refer Slide Time: 01:52)

(Refer Slide Time: 01:52) Software Engineering Prof. N. L. Sarda Computer Science & Engineering Indian Institute of Technology, Bombay Lecture - 2 Introduction to Software Engineering Challenges, Process Models etc (Part 2) This

More information

Project Risk Management

Project Risk Management Project Risk Management For the PMP Exam using PMBOK Guide 5 th Edition PMI, PMP, PMBOK Guide are registered trade marks of Project Management Institute, Inc. 1 Contacts Name: Khaled El-Nakib, MSc, PMP,

More information

Cost Sensitivity Analysis in Technip Italy S.p.A: Process and Tool

Cost Sensitivity Analysis in Technip Italy S.p.A: Process and Tool Cost Sensitivity Analysis in Technip Italy S.p.A: Process and Tool Technip Italy, Region B Risk Analysis Manager P.Fois- Rome, October 21, 2014 1 Agenda Technip today Project Risk Management process Quantitative

More information

DRAFT RESEARCH SUPPORT BUILDING AND INFRASTRUCTURE MODERNIZATION RISK MANAGEMENT PLAN. April 2009 SLAC I 050 07010 002

DRAFT RESEARCH SUPPORT BUILDING AND INFRASTRUCTURE MODERNIZATION RISK MANAGEMENT PLAN. April 2009 SLAC I 050 07010 002 DRAFT RESEARCH SUPPORT BUILDING AND INFRASTRUCTURE MODERNIZATION RISK MANAGEMENT PLAN April 2009 SLAC I 050 07010 002 Risk Management Plan Contents 1.0 INTRODUCTION... 1 1.1 Scope... 1 2.0 MANAGEMENT

More information

Software Project Scheduling under Uncertainties

Software Project Scheduling under Uncertainties Copyright Notice: Materials published by Intaver Institute Inc. may not be published elsewhere without prior written consent of Intaver Institute Inc. Requests for permission to reproduce published materials

More information

The risk management process in conjunction with the

The risk management process in conjunction with the RISK.06 Marrying Risk Register With Project Trending Mr. John G. Zhao The risk management process in conjunction with the project trending program ("trending program") can provide the project manager with

More information

The Cost of Risks. Essence of Risk Quantification. PALISADE @RISK Forum Calgary 2008

The Cost of Risks. Essence of Risk Quantification. PALISADE @RISK Forum Calgary 2008 PALISADE @RISK Forum Calgary 2008 The Cost of Risks Essence of Risk Quantification Disclaimer: This presentation material is provided for general information. The author shall not be held accountable for

More information

Risk Review Process Basics

Risk Review Process Basics 2011 PMOC Annual Meeting FEDERAL TRANSIT ADMINISTRATION Risk Review Process Basics Michael P. Wetherell, PE - Urban Engineers David N. Sillars, PE Sillars Consulting FEDERAL TRANSIT ADMINISTRATION 2011

More information

Project Schedule and Cost Risk Analysis using Polaris

Project Schedule and Cost Risk Analysis using Polaris Project Schedule and Cost Risk Analysis using Polaris David T. Hulett, Ph.D. Hulett & Associates, LLC Eric Druker CCE/A Booz Allen Hamilton September 2013 1 Biographies David Hulett Ph.D. 20 years quantitative

More information

An Oracle White Paper June 2009. The Benefits of Risk Assessment for Projects, Portfolios, and Businesses

An Oracle White Paper June 2009. The Benefits of Risk Assessment for Projects, Portfolios, and Businesses An Oracle White Paper June 2009 The Benefits of Risk Assessment for Projects, Portfolios, and Businesses Executive Overview... 1 Introduction... 1 Why Do Projects Fail?... 3 The Effects of Optimism and

More information

Chapter 4: Planning Projects, Part I (Integration, Scope, Time, and Cost Management) Slide 2

Chapter 4: Planning Projects, Part I (Integration, Scope, Time, and Cost Management) Slide 2 Chapter 4: Planning Projects, Part I (Integration, Scope, Time, and Cost Management) Slide 2 Introduction to Project Management Project Time Management Planning Tasks Project time management involves the

More information

Risk Assessment of Plan Schedule by Monte Carlo Simulation

Risk Assessment of Plan Schedule by Monte Carlo Simulation International Conference on Information Technology and Management Innovation (ICITMI 2015) Risk Assessment of Plan Schedule by Monte Carlo Simulation Zhaoni Kong 1, a, Jianping Zhang 1, b *, Chao Li 1,

More information

SCHEDULING A PROJECT. Project Management and Leadership 2016D, PhD, PMP

SCHEDULING A PROJECT. Project Management and Leadership 2016D, PhD, PMP SCHEDULING A PROJECT Project Management and Leadership 2016D, PhD, PMP WORK BREAKDOWN STRUCTURE A hierarchical decomposition of the total scope of work to be carried out by the project team to accomplish

More information

PROJECT TIME MANAGEMENT

PROJECT TIME MANAGEMENT 6 PROJECT TIME MANAGEMENT Project Time Management includes the processes required to ensure timely completion of the project. Figure 6 1 provides an overview of the following major processes: 6.1 Activity

More information

Scheduling Resources and Costs

Scheduling Resources and Costs Student Version CHAPTER EIGHT Scheduling Resources and Costs McGraw-Hill/Irwin Copyright 2011 by The McGraw-Hill Companies, Inc. All rights reserved. Gannt Chart Developed by Henry Gannt in 1916 is used

More information

Summary of GAO Cost Estimate Development Best Practices and GAO Cost Estimate Audit Criteria

Summary of GAO Cost Estimate Development Best Practices and GAO Cost Estimate Audit Criteria Characteristic Best Practice Estimate Package Component / GAO Audit Criteria Comprehensive Step 2: Develop the estimating plan Documented in BOE or Separate Appendix to BOE. An analytic approach to cost

More information

Project Time Management

Project Time Management Project Time Management Plan Schedule Management is the process of establishing the policies, procedures, and documentation for planning, developing, managing, executing, and controlling the project schedule.

More information

// Benchmarking Project Schedules

// Benchmarking Project Schedules // Benchmarking Project Schedules Dr. Dan Patterson, PMP CEO & President, Acumen March 2011 www.projectacumen.com Table of Contents Introduction... 4 Benchmarking Overview... 4 Uses of Schedule Benchmarking...

More information

Schedule Risk Analysis Simulator using Beta Distribution

Schedule Risk Analysis Simulator using Beta Distribution Schedule Risk Analysis Simulator using Beta Distribution Isha Sharma Department of Computer Science and Applications, Kurukshetra University, Kurukshetra, Haryana (INDIA) ishasharma211@yahoo.com Dr. P.K.

More information

A Comparison Study Between Event Chain Methodology And Critical Path Method In The Construction Industry

A Comparison Study Between Event Chain Methodology And Critical Path Method In The Construction Industry A Comparison Study Between Event Chain Methodology And Critical Path Method In The Construction Industry Pranam B 1, Madhusudan G Kalibhat 2, Sudharshan KR 3 1 Student, Master of Technology (Construction

More information

Gaining Competitive Advantage through Reducing Project Lead Times Duncan Patrick, CMS Montera Inc. Jack Warchalowski, CMS Montera Inc.

Gaining Competitive Advantage through Reducing Project Lead Times Duncan Patrick, CMS Montera Inc. Jack Warchalowski, CMS Montera Inc. Gaining Competitive Advantage through Reducing Project Lead Times Duncan Patrick, CMS Montera Inc. Jack Warchalowski, CMS Montera Inc. Introduction We all know that any successfully completed project has

More information

OTC 12979. Managing the Cost & Schedule Risk of Offshore Development Projects Richard E. Westney Westney Project Services, Inc.

OTC 12979. Managing the Cost & Schedule Risk of Offshore Development Projects Richard E. Westney Westney Project Services, Inc. OTC 12979 Managing the Cost & Schedule Risk of Offshore Development Projects Richard E. Westney Westney Project Services, Inc. Copyright 2001, Offshore Technology Conference This paper was prepared for

More information

Risk Analysis and Quantification

Risk Analysis and Quantification Risk Analysis and Quantification 1 What is Risk Analysis? 2. Risk Analysis Methods 3. The Monte Carlo Method 4. Risk Model 5. What steps must be taken for the development of a Risk Model? 1.What is Risk

More information

PROJECT RISK MANAGEMENT

PROJECT RISK MANAGEMENT PROJECT RISK MANAGEMENT DEFINITION OF A RISK OR RISK EVENT: A discrete occurrence that may affect the project for good or bad. DEFINITION OF A PROBLEM OR UNCERTAINTY: An uncommon state of nature, characterized

More information

Information Technology Project Management, Sixth Edition. Note: See the text itself for full citations. More courses at cie-wc.edu

Information Technology Project Management, Sixth Edition. Note: See the text itself for full citations. More courses at cie-wc.edu Note: See the text itself for full citations. More courses at cie-wc.edu Understand the importance of project schedules and good project time management Define activities as the basis for developing project

More information

Project Cost Risk Analysis: The Risk Driver Approach Prioritizing Project Risks and Evaluating Risk Responses

Project Cost Risk Analysis: The Risk Driver Approach Prioritizing Project Risks and Evaluating Risk Responses Project Cost Risk Analysis: The Risk Driver Approach Prioritizing Project Risks and Evaluating Risk Responses David T. Hulett, Ph.D. Keith Hornbacher, MBA Waylon T. Whitehead Hulett & Associates, LLC Los

More information

Risk Analysis Overview

Risk Analysis Overview What Is Risk? Uncertainty about a situation can often indicate risk, which is the possibility of loss, damage, or any other undesirable event. Most people desire low risk, which would translate to a high

More information

CRITICAL CHAIN VERSUS CRITICAL PATH IN PROJECT MANAGEMENT

CRITICAL CHAIN VERSUS CRITICAL PATH IN PROJECT MANAGEMENT CRITICAL CHAIN VERSUS CRITICAL PATH IN PROJECT MANAGEMENT Mark Gershon Temple University Kyle Boelter Liquent, Inc. Project management is a fast growing area of management. A new approach, critical chain,

More information

Scheduling Glossary Activity. A component of work performed during the course of a project.

Scheduling Glossary Activity. A component of work performed during the course of a project. Scheduling Glossary Activity. A component of work performed during the course of a project. Activity Attributes. Multiple attributes associated with each schedule activity that can be included within the

More information

What Went Wrong Right? Recognizing Risk Impacts on Cost and Schedule. Scope Development

What Went Wrong Right? Recognizing Risk Impacts on Cost and Schedule. Scope Development What Went Wrong Right? Recognizing Risk Impacts on Cost and Schedule Scope Development 1 2 Course Outline Session 1: Session 2: Session 3: Session 4: Overview of the Risk Management Process Determining

More information

Prof. Olivier de Weck

Prof. Olivier de Weck ESD.36 System Project Management + Lecture 9 Probabilistic Scheduling Instructor(s) Prof. Olivier de Weck Dr. James Lyneis October 4, 2012 Today s Agenda Probabilistic Task Times PERT (Program Evaluation

More information

Scheduling. Anne Banks Pidduck Adapted from John Musser

Scheduling. Anne Banks Pidduck Adapted from John Musser Scheduling Anne Banks Pidduck Adapted from John Musser 1 Today Network Fundamentals Gantt Charts PERT/CPM Techniques 2 WBS Types: Process, product, hybrid Formats: Outline or graphical organization chart

More information

PMP Certification Study Notes 6 - Project Time Management

PMP Certification Study Notes 6 - Project Time Management PMP Certification Study Notes 6 - Project Time Management Author : Edward Chung Categories : PMI PMP Exam Tips Introduction: This part of the PMP exam study notes is based on chapter 6 of PMBOK Guide 5th

More information

Project Time Management an essential element to project success

Project Time Management an essential element to project success Project Time Management an essential element to project success Abstract This paper discusses the reasons behind the necessity to apply sound Project Time Management principles and processes to projects

More information

CRASHING-RISK-MODELING SOFTWARE (CRMS)

CRASHING-RISK-MODELING SOFTWARE (CRMS) International Journal of Science, Environment and Technology, Vol. 4, No 2, 2015, 501 508 ISSN 2278-3687 (O) 2277-663X (P) CRASHING-RISK-MODELING SOFTWARE (CRMS) Nabil Semaan 1, Najib Georges 2 and Joe

More information

Chapter 4: Project Time Management

Chapter 4: Project Time Management Chapter 4: Project Time Management Importance of Project Schedules Managers often cite delivering projects on time as one of their biggest challenges Time has the least amount of flexibility; it passes

More information

Critical Chain in Russia 11 years experience. Vladimir Liberzon, PMP

Critical Chain in Russia 11 years experience. Vladimir Liberzon, PMP Critical Chain in Russia 11 years experience Vladimir Liberzon, PMP spider@mail.cnt cnt.ru Critical Path Definition The PMBOK Guide defines the Critical Path as those activities with float less than or

More information

CSC 443: IT Project Management Midterm 1 exam - Spring semester 2011-2012 March 21 st, 2012

CSC 443: IT Project Management Midterm 1 exam - Spring semester 2011-2012 March 21 st, 2012 King Saud University College of Computer & Information Sciences Department of Computer Science CSC 443: IT Project Management Midterm 1 exam - Spring semester 2011-2012 March 21 st, 2012 1- Decomposing

More information

RISK MANAGEMENT OVERVIEW - APM Project Pathway (Draft) RISK MANAGEMENT JUST A PART OF PROJECT MANAGEMENT

RISK MANAGEMENT OVERVIEW - APM Project Pathway (Draft) RISK MANAGEMENT JUST A PART OF PROJECT MANAGEMENT RISK MANAGEMENT OVERVIEW - APM Project Pathway (Draft) Risk should be defined as An uncertain event that, should it occur, would have an effect (positive or negative) on the project or business objectives.

More information

Specialists in Strategic, Enterprise and Project Risk Management TUTORIAL NOTES: QUANTITATIVE RISK MODELLING

Specialists in Strategic, Enterprise and Project Risk Management TUTORIAL NOTES: QUANTITATIVE RISK MODELLING BROADLEAF CAPITAL INTERNATIONAL PTY LTD ABN 24 054 021 117 23 Bettowynd Road Tel: +61 2 9488 8477 Pymble Mobile: +61 419 433 184 NSW 2073 Fax: + 61 2 9488 9685 Australia www.broadleaf.com.au Cooper@Broadleaf.com.au

More information

CS/SWE 321 Sections -001 & -003. Software Project Management

CS/SWE 321 Sections -001 & -003. Software Project Management CS/SWE 321 Sections -001 & -003 Software Project Management Copyright 2014 Hassan Gomaa All rights reserved. No part of this document may be reproduced in any form or by any means, without the prior written

More information

Project Time Management

Project Time Management Project Time Management Study Notes PMI, PMP, CAPM, PMBOK, PM Network and the PMI Registered Education Provider logo are registered marks of the Project Management Institute, Inc. Points to Note Please

More information

A collection of Safran Project report samples for project professionals

A collection of Safran Project report samples for project professionals A collection of Safran Project report samples for project professionals Safran Software Solutions Global Offices: Houston, London, Oslo, Stavanger www.safran.com Contents Introduction... 2 About the Reports

More information

CRITICAL PATH METHOD (CPM) SCHEDULES

CRITICAL PATH METHOD (CPM) SCHEDULES 96 CRITICAL PATH METHOD (CPM) SCHEDULES How-to for Reading, Understanding, and Using CPM Schedules (without Direct Primavera Access.) 1 Objectives Learn to read, understand, and use CPM schedules (without

More information

SIMULATION TOOL FOR MANPOWER FORECAST LOADING AND RESOURCE LEVELING. Mikhail Hanna Janaka Y. Ruwanpura

SIMULATION TOOL FOR MANPOWER FORECAST LOADING AND RESOURCE LEVELING. Mikhail Hanna Janaka Y. Ruwanpura Proceedings of the 2007 Winter Simulation Conference S. G. Henderson, B. Biller, M.-H. Hsieh, J. Shortle, J. D. Tew, and R. R. Barton, eds. SIMULATION TOOL FOR MANPOWER FORECAST LOADING AND RESOURCE LEVELING

More information

Chapter 1.7 Project Management. 1. Project financing is one of the step of project management- State True or False

Chapter 1.7 Project Management. 1. Project financing is one of the step of project management- State True or False Chapter 1.7 Project Management Part I: Objective type questions and answers 1. Project financing is one of the step of project management- State True or False 2. Proposed new technologies, process modifications,

More information

Learning Objectives. Learning Objectives (continued) Importance of Project Schedules

Learning Objectives. Learning Objectives (continued) Importance of Project Schedules Chapter 6: Project Time Management Information Technology Project Management, Fifth Edition Learning Objectives Understand the importance of project schedules and good project time management Define activities

More information

Pearson Education Limited 2003

Pearson Education Limited 2003 156 Activities Activity 9.1 (PP. 357 358) [Project planning exercise] You are required to construct a project plan for the following information system development project. Your objective is to schedule

More information

Monte Carlo Schedule Risk Analysis - a process for developing rational and realistic risk models. Martin Hopkinson

Monte Carlo Schedule Risk Analysis - a process for developing rational and realistic risk models. Martin Hopkinson Page 1 of 13 Monte Carlo Schedule Risk Analysis - a process for developing rational and realistic risk models Martin Hopkinson Abstract Monte Carlo schedule risk analysis has become a widely practiced

More information

Is Your Schedule Correct? Common Scheduling Mistakes and How to Avoid Them

Is Your Schedule Correct? Common Scheduling Mistakes and How to Avoid Them Sponsored by Is Your Schedule Correct? Common Scheduling Mistakes and How to Avoid Them Joseph A. Lukas PMP, CSM, CCP, PE White Paper 1-888-762-3683 www.pmcentersusa.com Joe Lukas & PM Centers USA, LLC

More information

Project Management Using Earned Value

Project Management Using Earned Value Project Management Using Earned Value Third Edition Gary C. Humphreys Earned Value Management Consulting Training 2002, 2011, 2014 Gary C. Humphreys Humphreys & Associates, Inc. All rights reserved. No

More information

SCHEDULING AND TIME MANAGEMENT. Project Management and Leadership 2015D, PhD, PMP

SCHEDULING AND TIME MANAGEMENT. Project Management and Leadership 2015D, PhD, PMP SCHEDULING AND TIME MANAGEMENT Project Management and Leadership 2015D, PhD, PMP Our PROGRAMME: 1. INTRODUCTION TO PROJECT MANAGEMENT 2. STARTING A PROJECT 3. WORK MOTIVATION 4. COMMUNICATION 5: TEAMS

More information

pm4dev, 2015 management for development series Project Schedule Management PROJECT MANAGEMENT FOR DEVELOPMENT ORGANIZATIONS

pm4dev, 2015 management for development series Project Schedule Management PROJECT MANAGEMENT FOR DEVELOPMENT ORGANIZATIONS pm4dev, 2015 management for development series Project Schedule Management PROJECT MANAGEMENT FOR DEVELOPMENT ORGANIZATIONS PROJECT MANAGEMENT FOR DEVELOPMENT ORGANIZATIONS A methodology to manage development

More information

Critical Chain as an Extension to CPM

Critical Chain as an Extension to CPM Critical Chain as an Extension to CPM key innovation of critical chain scheduling can readily be added to the critical path method, and improved by using estimates of optimistic, most likely and pessimistic

More information

An Introduction to. Metrics. used during. Software Development

An Introduction to. Metrics. used during. Software Development An Introduction to Metrics used during Software Development Life Cycle www.softwaretestinggenius.com Page 1 of 10 Define the Metric Objectives You can t control what you can t measure. This is a quote

More information

Report on application of Probability in Risk Analysis in Oil and Gas Industry

Report on application of Probability in Risk Analysis in Oil and Gas Industry Report on application of Probability in Risk Analysis in Oil and Gas Industry Abstract Risk Analysis in Oil and Gas Industry Global demand for energy is rising around the world. Meanwhile, managing oil

More information

ViaSim Solutions pmblox Project Planning Modeling and Simulation Tool

ViaSim Solutions pmblox Project Planning Modeling and Simulation Tool ViaSim Solutions pmblox Project Planning Modeling and Simulation Tool Support for Realistic Project Planning, Evaluation, and Re-Planning throughout the Project Lifecycle. Curt Sherrod Project Manager

More information

WAIT-TIME ANALYSIS METHOD: NEW BEST PRACTICE FOR APPLICATION PERFORMANCE MANAGEMENT

WAIT-TIME ANALYSIS METHOD: NEW BEST PRACTICE FOR APPLICATION PERFORMANCE MANAGEMENT WAIT-TIME ANALYSIS METHOD: NEW BEST PRACTICE FOR APPLICATION PERFORMANCE MANAGEMENT INTRODUCTION TO WAIT-TIME METHODS Until very recently, tuning of IT application performance has been largely a guessing

More information

Schedule Compression

Schedule Compression Schedule Compression The need to reduce the time allowed for a schedule, or a part of a schedule is routine, some of the times the need arises include: When the initial schedule is too long to meet contractual

More information

White Paper: Why Do We Need (Good) Project Controls?

White Paper: Why Do We Need (Good) Project Controls? ARES PRISM WHITE PAPER White Paper: Why Do We Need (Good) Project Controls? Copyright 2016, ABSTRACT This paper will attempt to justify why project management cannot be successful without strong project

More information

PROJECT RISK ASSESSMENT & MANAGEMENT

PROJECT RISK ASSESSMENT & MANAGEMENT PETROSYNC S PROJECT MANAGEMENT SERIES PROJECT RISK ASSESSMENT & MANAGEMENT Your Key To Analyse & Identify Risk In Project Risk Management 1 March 4 March 2016 Bali, Indonesia Supported By Course Overview

More information

Importance of Project Schedules. matter what happens on a project. projects, especially during the second half of projects

Importance of Project Schedules. matter what happens on a project. projects, especially during the second half of projects Project Time Management Chapter 6 Importance of Project Schedules Managers often cite delivering projects on time as one of their biggest challenges Time has the least amount of flexibility; it passes

More information

Systems Analysis and Design

Systems Analysis and Design Systems Analysis and Design Slides adapted from Jeffrey A. Hoffer, University of Dayton Joey F. George, Florida State University Joseph S. Valacich, Washington State University Modern Systems Analysis

More information

PBL: Project Management. Competency: Project Definition

PBL: Project Management. Competency: Project Definition Competency: Project Definition 1. Define project management and the context of modern project management. 2. Describe how to manage projects throughout the five major process groups. 3. Define the characteristics

More information

Project Decision Analysis Process

Project Decision Analysis Process Copyright Notice: Materials published by Intaver Institute Inc. may not be published elsewhere without prior written consent of Intaver Institute Inc. Requests for permission to reproduce published materials

More information

Acompany that consistently selects the right projects and

Acompany that consistently selects the right projects and PM.01 How to Create a World Class Project Management Organization Dr. Nick J. Lavingia, PE Acompany that consistently selects the right projects and executes them with excellence can improve return on

More information

In the business world, the rearview mirror is always clearer than the windshield. - Warren Buffett

In the business world, the rearview mirror is always clearer than the windshield. - Warren Buffett ENGM 401 & 620 X1 Fundamentals of Engineering Finance Fall 2010 Lecture 29: Sensitivity Analysis & Uncertainty In the business world, the rearview mirror is always clearer than the windshield. - Warren

More information

The work breakdown structure can be illustrated in a block diagram:

The work breakdown structure can be illustrated in a block diagram: 1 Project Management Tools for Project Management Work Breakdown Structure A complex project is made manageable by first breaking it down into individual components in a hierarchical structure, known as

More information

Better decision making under uncertain conditions using Monte Carlo Simulation

Better decision making under uncertain conditions using Monte Carlo Simulation IBM Software Business Analytics IBM SPSS Statistics Better decision making under uncertain conditions using Monte Carlo Simulation Monte Carlo simulation and risk analysis techniques in IBM SPSS Statistics

More information

Lecture 6: Project Time Management By: Prof. Lili Saghafi. Information Technology Project Management, Fifth Edition

Lecture 6: Project Time Management By: Prof. Lili Saghafi. Information Technology Project Management, Fifth Edition Lecture 6: Project Time Management By: Prof. Lili Saghafi Information Technology Project Management, Fifth Edition Learning Objectives 2 Understand the importance of project schedules and good project

More information

Managing Successful Software Development Projects Mike Thibado 12/28/05

Managing Successful Software Development Projects Mike Thibado 12/28/05 Managing Successful Software Development Projects Mike Thibado 12/28/05 Copyright 2006, Ambient Consulting Table of Contents EXECUTIVE OVERVIEW...3 STATEMENT OF WORK DOCUMENT...4 REQUIREMENTS CHANGE PROCEDURE...5

More information

Chapter 9 Computer Scheduling Projects should be scheduled one byte at a time

Chapter 9 Computer Scheduling Projects should be scheduled one byte at a time Chapter 9 Computer Scheduling Projects should be scheduled one byte at a time Computer Scheduling Critical path method (CPM) requires numerous computations to determine activity start and finish dates,

More information

-stats show that 70% of Computer systems projects fail (i.e. cost overruns or behind schedule)

-stats show that 70% of Computer systems projects fail (i.e. cost overruns or behind schedule) CS 480 Planning and Scheduling Project Management -stats show that 70% of Computer systems projects fail (i.e. cost overruns or behind schedule) -what are some possible causes for these very poor stats?

More information

Monte Carlo Simulations for Patient Recruitment: A Better Way to Forecast Enrollment

Monte Carlo Simulations for Patient Recruitment: A Better Way to Forecast Enrollment Monte Carlo Simulations for Patient Recruitment: A Better Way to Forecast Enrollment Introduction The clinical phases of drug development represent the eagerly awaited period where, after several years

More information

Chapter 6: Project Time Management. King Fahd University of Petroleum & Minerals SWE 417: Software Project Management Semester: 072

Chapter 6: Project Time Management. King Fahd University of Petroleum & Minerals SWE 417: Software Project Management Semester: 072 Chapter 6: Project Time Management King Fahd University of Petroleum & Minerals SWE 417: Software Project Management Semester: 072 Learning Objectives Understand the importance of project schedules Define

More information

IS YOUR DATA WAREHOUSE SUCCESSFUL? Developing a Data Warehouse Process that responds to the needs of the Enterprise.

IS YOUR DATA WAREHOUSE SUCCESSFUL? Developing a Data Warehouse Process that responds to the needs of the Enterprise. IS YOUR DATA WAREHOUSE SUCCESSFUL? Developing a Data Warehouse Process that responds to the needs of the Enterprise. Peter R. Welbrock Smith-Hanley Consulting Group Philadelphia, PA ABSTRACT Developing

More information

Project Management Guidebook

Project Management Guidebook METHOD 12 3 empowering managers to succeed Project Management Guidebook ISBN 0-473-10445-8 A bout this e-book This e-book was created by Method123 (see www.method123.com) to help provide you with a simple

More information

WORK PROGRAM GUIDELINES

WORK PROGRAM GUIDELINES Project Managed Change Program WORK PROGRAM GUIDELINES JABATAN KERJA RAYA MALAYSIA Cawangan Pengurusan Projek Kompleks (PROKOM) Ibu Pejabat JKR Malaysia 2 Document Ownership Section No Section Amendment

More information

Project Management Planning

Project Management Planning Overview of Resource Planning Every organization has a limited number of resources to perform tasks. A project manager's primary role is to find a way to successfully execute a project within these resource

More information

The Plan s Journey From Scope to WBS to Schedule

The Plan s Journey From Scope to WBS to Schedule The Plan s Journey From Scope to WBS to Schedule Presented by: Rick Clare, CBAP, PMP, OCP, CSM PM Centers USA, LLC. 2013 Company Background Consulting and Training (Virtual, Public and Private Training)

More information

Introduction. http://www.alexsbrown.com/ Page 1

Introduction. http://www.alexsbrown.com/ Page 1 Modeling Tough Scheduling Problems with Project Management Software Alex S. Brown, PMP, Strategic Planning Manager, Mitsui Sumitomo Marine Management (U.S.A.), Inc. Introduction Despite year-over-year

More information

Essential Views of the Integrated Program Management Reports. Thomas J. Coonce Glen B. Alleman

Essential Views of the Integrated Program Management Reports. Thomas J. Coonce Glen B. Alleman Essential Views of the Integrated Program Management Reports Thomas J. Coonce Glen B. Alleman Agenda Background Twenty-five metrics are proposed Twelve are demonstrated with tasserted value to the government

More information

Improving the Predictability of the CapEx Portfolio

Improving the Predictability of the CapEx Portfolio Improving the Predictability of the CapEx Portfolio Spring 2009 Westney Consulting Group, Inc. www.westney.com If the whipsaw of product price and project cost over the past 12 months has taught anything,

More information

CRITICAL CHAIN AND CRITICAL PATH, CAN THEY COEXIST?

CRITICAL CHAIN AND CRITICAL PATH, CAN THEY COEXIST? EXECUTIVE SUMMARY PURPOSE: This paper is a comparison and contrast of two project management planning and execution methodologies: critical path methodology (CPM) and the critical chain project management

More information

BIM.03. Leveraging the Power of 4D Models for Analyzing and Presenting CPM Schedule Delay Analyses

BIM.03. Leveraging the Power of 4D Models for Analyzing and Presenting CPM Schedule Delay Analyses BIM.03 Leveraging the Power of 4D Models for Analyzing and Presenting CPM Schedule Delay Analyses Mr. Kevin Coyne, PE PSP T his paper explores the use of 4D models, which provide a virtual construction

More information

A DIFFERENT KIND OF PROJECT MANAGEMENT: AVOID SURPRISES

A DIFFERENT KIND OF PROJECT MANAGEMENT: AVOID SURPRISES SEER for IT: Infrastructure, Services for Project & Operations SEER project estimation and management solutions improve success rates on IT Infrastructure and IT services projects and operations. Based

More information

White Paper. Probability

White Paper. Probability Probability Probability is central to project management. We need to understand the probability of achieving cost or time outcomes and the probability of a risk event occurring. Probability is also closely

More information

RISK MITIGATION IN FAST TRACKING PROJECTS

RISK MITIGATION IN FAST TRACKING PROJECTS Voorbeeld paper CCE certificering RISK MITIGATION IN FAST TRACKING PROJECTS Author ID # 4396 June 2002 G:\DACE\certificering\AACEI\presentation 2003 page 1 of 17 Table of Contents Abstract...3 Introduction...4

More information

Brillig Systems Making Projects Successful

Brillig Systems Making Projects Successful Metrics for Successful Automation Project Management Most automation engineers spend their days controlling manufacturing processes, but spend little or no time controlling their project schedule and budget.

More information

Frequently Asked Questions in Project Management

Frequently Asked Questions in Project Management Frequently Asked Questions in Project Management 1. Question: What is Project Management? Answer: Project Management is the collection and application of skills, knowledge, processes, and activities to

More information